TQ1-CHAPTER 2 : DOUBLE ENTRY BOOKKEEPING

TQ1-CHAPTER 2 : DOUBLE ENTRY BOOKKEEPING

University

27 Qs

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TQ1-CHAPTER 2 : DOUBLE ENTRY BOOKKEEPING

TQ1-CHAPTER 2 : DOUBLE ENTRY BOOKKEEPING

Assessment

Quiz

Education

University

Medium

Created by

long visal

Used 16+ times

FREE Resource

27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the cardinal rule of the double entry system?

A- Debit the increasing account and credit the decreasing account

B- Debit an account and credit another account

C- Debit the asset account and credit the liability account

D- Debit revenue account and credit expenditure account

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Mr A purchased goods on credit from Mr B but then returned them as they were

faulty.

Which of the following statements would be true?

A- Mr A would send a credit note to Mr B

B- Mr A would send an invoice to Mr B

C- Mr B would send a credit note to Mr A

D- Mr B would send an invoice to Mr A

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A business purchases 10,000,000 KHR of goods on credit.

Which parts of the business’s accounting equation will be altered by this

transaction?

A- Assets and liabilities

B- Assets only

C- Capital and assets

D- Liabilities only

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Goods sold on cash and carry basis returned by a customer are accounted for by

A- Debiting Sales and Crediting Cash

B- Debiting Sales and Crediting Accounts Payable

C- Debiting Inventory and Crediting Cash

D- Debiting Inventory and Crediting Bank

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A credit balance of 5,000,000 KHR in the petty cash book would mean that

A- we have spent 5,000,000 KHR more than we have received

B- we have 5,000,000 KHR cash in hand

C- the book keeper has made a mistake

D- 5,000,000 KHR has been stolen

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Consider the following:

1 An expense is incurred.

2 A liability is increased.

3 Another asset increases in amount.

Which of the above statements might be true when the carrying amount of an

asset held by a business is reduced?

A- 1 and 2 only

B- 2 only

C- 2 and 3 only

D- 1 and 3 only

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A business receives 5,000,000 KHR from a credit customer.

Which parts of the accounting equation will be altered by this transaction?

A- Assets and liabilities

B- Assets only

C- Capital and assets

D- None of them

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